Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
Finance ministers from across the GCC and the Managing Director of the International Monetary Fund stressed the importance of multilateralism and international cooperation during a high-level session on the opening day of the World Government Summit in Dubai on Tuesday.
Speaking at the special meeting, which brought together ministers from the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait, IMF Managing Director Kristalina Georgieva emphasised the need for the organisation to continuously adapt to the evolving global landscape and strengthen cooperation among nations amid growing fragmentation.
"The question I have… is how, in the more uncertain environment can the IMF maintain its role and work with central banks to continue to bring stability," she said on Tuesday.
"How do we support regional integration… how can we play the role of a transmission line between one region and another in a multipolar world."
The session, organised by the UAE's Ministry of Finance, served as a platform for senior officials to explore strategies for reinforcing multilateral cooperation and enhancing the resilience of Gulf economies in the face of global economic shifts.
Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, reaffirmed the UAE's commitment to strengthening international cooperation and building a more resilient financial system.
"With the growing global economic challenges, there is a need to reshape multilateral cooperation mechanisms and boost coordination between financial institutions and governments," he said.
His remarks were echoed by Mohammed Al Jadaan, Saudi Arabia's Minister of Finance, who stressed the importance of preserving the global order through multilateral cooperation. He argued that such collaboration was not just beneficial for smaller economies but also essential for wealthier nations that had long relied on the system's stability.
"Let us just be reminded that this is not charity," he said referring to the IMF.
"This is not a charity cause. This is protecting your own national interest by making sure that the global stability is contained."
"The global financial safety net is essential for the global economy, not for low-income countries and emerging economies," he added.
Bahrain's Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, reinforced the point, stressing that multilateral cooperation was the only way to tackle the three emerging macro-trends of the day: the proliferation of artificial intelligence, climate change and economic fragmentation.
